The Zoomcar storyline — highlighting entrepreneurial lessons
The Bangalore-based Zoomcar company has been operating in India for about five years. The company is currently operating over 26,000 cities with over 3,000 cars. Many people know that two foreigners have created this company beyond all. The background that made this company is very interesting.
College
Greg Moran and David Back, completed their education together at the University of Pennsylvania and left the United States without any kind of idea and came to start the business in India.
India or China
Greg Moran after his graduation started work in the banking sector, and the same company was operating in India. As Greg was fully aware of India and its trade market, he planned to start the business in India. Due to this, Greg came to India to look directly with help of some friends who are working in India.
David Back
When Greg traveled to India, David Back joined with him, and both of them realized that there was a huge demand for rental cars here in India.
Sudden change
Greg and David had the intention of starting business and business in the renewable energy sector from the outset. But after the arrival to India, they changed their decision and moved into the transport sector. After a number of attempts, studies, and designs, Greg and David created a car rental site in the hourly calculation.
The first problem
To start the car rental service in India they were in need of cars and that too the cars with yellow number boards. Greg has already invested all his money in Zoomcar and the company cannot buy cars.
Online taxi
In the same situation, the online taxi services started getting popular in India. All of the taxi companies have joined the OLA Cabs and have entered into a taxi rental service. Greg said “We were asked to help the major car rental hire companies in Bangalore to operate with the business model, and four people had canceled our plan on 5 of our choice. The remaining company was Ramesh Tours and Travels”.
Christmas holiday
Greg has been booked for a Christmas holiday, but he has not registered a return ticket to return to India. But Ramesh Tours and Travels approve our plan. This is our first victory, and Greg said he returned to India after Christmas holidays. The confidence in our company was somewhat limited among people in our business model.
Zoomcar
Gregg and David began their business trades in 2013 with Ramesh Tours and Travels. With the Mahindra company, Zoomcar launched a successful deal with some cars. Until 2015, the Zoomcar website was operated by humans. This was a major obstacle to trade expansion. Then, in 2013, we invested $ 7,00,000 in investment. We got investments from the Sequoia Capital Company for further expansion.
The Zoomcar leaders claimed that this investment made a Zoomcar strong team and a coalition with the board. In the past five years, we have expanded our business in many major cities in India and have changed the number of customers now available to deliver the car to their house directly. Besides, we made all the customers in all the airports to have access to our cars.
ZAP (Zoomcar Associate Program)
This year, Zoomcar has introduced the new ZAP service. When using cars in Zoomcar, Zoomcar receives 25% of the revenue it receives. Zoomcar is currently in Bangalore, Pune, Delhi, Mumbai, Chennai, Hyderabad, Chandigarh, Kolkata, Ahmedabad, Coimbatore, Jaipur, Ludhiana, Mangalore-Manipal, Mysore, Vizag, Nagpur, Kochi, Udaipur, Vijayawada, Surat, Siliguri, Lucknow, Guwahati. The service is being provided with around 3,000 cars. At present, Zoomcar has around 20 lakh customers across India. Many companies have been established in the big cities of India with the Zoomcar model.
$45 million investment
Today, Zoomcar has the deal with Mahindra & Mahindra, Ford, and Tata Motors. So far, the company has attracted investment of up to $45 million. The Sequoia Capital has invested heavily in Zoomcar. At present, Zoomcar has been listed among the Top 10 Innovation Companies in India and has a new hope among its customers.
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